Analysis conducted on Emerging European Aggregate Index (CECEEUR Index). Historic (static) cycle prints match those of SP500 (as they do for 90% of global equity indexes). Unfathomable at this juncture, but panic cycle due on ~AUG12, 2007. This is not a time to be adding risk. D

South Korea's Kospi represents the globe's barometer for equity risk appetite and has served as a forward indicator throughout the current 4+ year secular move. The Kopsi is +32% this year, half of this gain has been achieved over the last 2 weeks. The Index is now in the terminal phase of its 3rd wave (weekly 5 of 3). The chart below needs few words. Drilling down to the daily count, today's session exemplifies a textbook euphoric terminal gap.

The structural description outlined above reflects the aggregate state of global stock indexes.

We will use today's high print for the Kospi and the closing prints for the EEM etf (iShares MSCI Emerging Mrkt) as our water marks.

KOSPI @1960
EEM @141.05

If the tactical nature of this call is just, the current euphoria will mark a meaningful crest in global stocks by JUL 17th [time stop]. Sell stocks. D